Top 5 Weekly Trade Ideas #3 - AAPL Triple Top + Triangle
This is a 15m, but if you zoom out you'll see a longer term triangle that goes back to ATH earlier this year. AAPL has had some brief moves above and below the triangle, but there hasn't been a break yet and it's nearing the completion of the pattern so I expect it to move soon.
My bias is down for now, but that'll change if it breaks the triangle to the upside. We have a shorter term descending wedge/bull flag here that we saw a breakout fail that also made a triple top. Will be watching both the longer term triangle and this little wedge. First downside target is around 217, final target being the lows from August. If it can break above the triple top at 233, it should move back up towards ATH and most likely higher.
My bias is down for now, but that'll change if it breaks the triangle to the upside. We have a shorter term descending wedge/bull flag here that we saw a breakout fail that also made a triple top. Will be watching both the longer term triangle and this little wedge. First downside target is around 217, final target being the lows from August. If it can break above the triple top at 233, it should move back up towards ATH and most likely higher.
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky, most traders lose money!
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